China Stocks: CSR, China CNR, Cosco Shipping, Jiangsu Sunrain
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, added 3.78 points, or 0.2 percent, to 2,348.30 at the close. The CSI 300 Index (SHSZ300) advanced 0.5 percent to 2,587.23.
CSR Corp. (601766) (601766 CH) gained 3.4 percent to 4.83 yuan and China CNR Corp. (601299) (601299 CH) advanced 2.9 percent to 4.28 yuan. The nation’s two biggest train makers jumped after the 21st Century Business Herald reported the railway ministry has gotten a credit line of more than 2 trillion yuan ($316 billion), signaling transport projects may resume.
Cosco Shipping Co. (600428) (600428 CH), a unit of China’s biggest shipping company, fell 2.3 percent to 4.71 yuan. Shipping companies dropped after a gathering of the leaders of the Group of Eight nations failed to deliver a unified strategy to quell the European debt crisis. China Cosco Holdings Ltd. (601919) (601919 CH) slipped 1 percent to 5 yuan.
Jiangsu Sunrain Solar Energy Co. (603366 CH) slumped 6.7 percent to 20.06 yuan on the first day of trading in Shanghai. The initial public offering price was 21.5 yuan.
Yingli Green Energy Holding Co., China’s third-biggest solar-energy equipment maker, lost 29 percent last week to a record low of $2.52. Suntech Power Holdings Co., the world’s largest solar-panel maker, based in Wuxi, China, declined 22 percent to $2. The U.S. Commerce Department ruled that Chinese manufacturers sold cells in the U.S. at prices below the cost of production and announced preliminary antidumping duties ranging from 31 percent to 250 percent. The decision is meant to provide a boost to the U.S. solar manufacturing industry, where four companies filed for bankruptcy in the past year.
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